Fiscal fourth quarter 2015 GAAP loss per share was $21.86. GAAP operating loss includes a $1,153.3 million goodwill and intangible asset impairment charge, a $25.8 million asset impairment charge and an $11.0 million inventory write-down. These non-cash charges related to Jos. A. Bank and a store rationalization program initiated in the fourth quarter. Fiscal fourth quarter 2015 adjusted loss per share(1) was $0.30 excluding items not indicative of the Company's core operating results, certain items related to the acquisition and integration of Jos. A. Bank and non-cash impairment charges.

The fiscal year 2015 GAAP loss per share was $21.26 and adjusted EPS(1) was $1.80 excluding non-operating items and the non-cash charges described above.

As reported in the Company's preliminary results released on February 16, 2016, fourth quarter comparable sales increased 4.3% at Men's Wearhouse with clothing comps of 4.3% driven by an increase in average unit retail (or the net selling price per unit) and rental comps of 4.9%. Jos. A. Bank comparable sales decreased 31.9%. K&G comparable sales increased 1.9% driven by an increase in units per transaction offset somewhat by lower average transactions per store. Moores comparable sales decreased 2.7% primarily driven by macro-economic conditions in Canada.

Doug Ewert, Tailored Brands chief executive officer stated, "While our fourth quarter and full year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results. Our transition away from unsustainable promotions has proven significantly more difficult and expensive than we expected. We do, however, remain confident that Jos. A. Bank offers a longer-term opportunity to profitably grow market share in the menswear business. Additionally, our Men's Wearhouse, Moores, and K&G brands continue to perform well, with profitability in line or ahead of our expectations.

"Over the past several months we completed a comprehensive operational review of the Tailored Brands businesses and are in the process of taking actions we believe will right-size our store base, optimize our cost structure, return Jos. A. Bank to profitability and improve other operating aspects of Tailored Brands.

"As part of our store rationalization program we plan to close approximately 250 stores during fiscal year 2016. The store closures fall into three categories. First, we expect to close 80 to 90 full-line Jos. A. Bank stores which we believe have limited potential for meaningful profit improvement. Second, we will close all Jos. A. Bank (49) and Men's Wearhouse (9) outlet stores. We have determined that outlet stores, which collectively were not profitable, are not sufficiently differentiated enough from our core offerings and have not resonated with our customers. Lastly, we intend to close between 100 and 110 MW Tux stores. These closings are a continuation of our strategy of migrating tuxedo rentals to full line stores and reflective of our new partnership with Macy's, Tuxedo Shop @ Macy's. We have refined our Tuxedo Shop @ Macy's rollout schedule and now plan to open 166 stores in 2016 with the balance of 122 stores to be opened in 2017."

Ewert continued, "We have also embarked on an extensive profit improvement program that we believe will reduce our expenses by approximately $50 million in 2016. This program includes reduced distribution costs, cost reductions in our organizational structure, payroll and employee benefit reductions and savings in occupancy and goods-not-for-resale.

"We estimate the cash costs to complete the store rationalization and profit improvement programs to be between $45 and $60 million for 2016. This is in addition to the non-cash charges recorded in 2015.

"Reflective of the many operational changes being made and the expectation for a slow recovery at Jos. A. Bank, we believe that fiscal year 2016 adjusted EPS will be in the range of $1.55 to $1.85. This includes comparable sales of negative mid-teens and significant product margin improvement for Jos. A. Bank." Ewert concluded, "We are working hard to restore Jos. A. Bank's profitability and strengthen the rest of our portfolio of brands. While our current initiatives are expansive, we are closely monitoring our progress and will make adjustments as necessary to create value for all our stakeholders." Ewert concluded, "We look forward to providing you with more details on our call Thursday morning, March 10th."

SALES REVIEW

The table that follows is a summary of net sales for the fourth quarter and full year ended January 30, 2016. The dollars shown are U.S. dollars in millions and, due to rounded numbers, may not sum. The Moores comparable sales change is based on the Canadian dollar. The comparable full year sales shown below for Jos. A. Bank are a comparison to the Jos. A. Bank fiscal year 2014 sales, a portion of which was prior to the acquisition on June 18, 2014. Comparable sales exclude the net sales of a store for any month of one period if the store was not owned or open throughout the same month of the prior period and include e-commerce net sales.

Fourth Quarter Net Sales Summary – Fiscal 2015

Net Sales

Comparable Sales Change

Net Sales Change

CurrentQuarter

% of TotalSales

CurrentQuarter

Prior YearQuarter

Total Retail Segment

(11.3%)

($98.0)

$767.9

93%

Men's Wearhouse

5.3%

$20.0

$399.5

48%

4.3%

6.8%

Jos. A. Bank

(31.7%)

($106.8)

$230.2

28%

(31.9%)

(6.6%)

K&G

(2.0%)

($1.7)

$80.9

10%

1.9%

6.8%

Moores

(16.5%)

($9.8)

$49.3

6%

(2.7%)

8.6%

MW Cleaners

2.3%

$0.2

$8.1

1%

Corporate Apparel Segment

(7.5%)

($4.7)

$57.8

7%

Total Company

(11.1%)

($102.7)

$825.7

Full Year Net Sales Summary – Fiscal 2015

Net Sales

Comparable Sales Change

Net Sales Change

CurrentYear

% of TotalSales

Current Year

Prior Year

Total Retail Segment

8.6%

$257.3

$3,252.5

93%

Men's Wearhouse

6.2%

$104.4

$1,791.2

51%

4.9%

3.9%

Jos. A. Bank

26.7%

$182.9

$866.9

25%

(16.4%)

(2.5%)

K&G

1.3%

$4.3

$338.4

10%

5.0%

3.7%

Moores

(13.8%)

($35.8)

$222.6

6%

(1.7%)

8.6%

MW Cleaners

4.7%

$1.5

$33.4

1%

Corporate Apparel Segment

(5.3%)

($13.6)

$243.8

7%

Total Company

7.5%

$243.7

$3,496.3

Net sales for the fourth quarter at our largest brand, Men's Wearhouse, were up 5.3% and comparable sales increased 4.3% from last year's fourth quarter. Comparable clothing sales increased 4.3% primarily due to an increase in clothing product average unit retails. Comparable rental revenue increased 4.9% in the fourth quarter of 2015 due to a higher average paid per rental unit.

Jos. A. Bank comparable sales for the fourth quarter decreased 31.9%. K&G comparable sales increased 1.9% primarily due to an increase in units sold per transaction offset somewhat by lower average transactions per store. Net sales for Moores, our Canadian retail brand, decreased 16.5% primarily due to unfavorable currency fluctuations. Moores had a comparable sales decrease of 2.7% due to decreases in both average transactions per store and units sold per transaction driven by weakening macro-economic conditions in Canada. The Corporate Apparel segment had an expected sales decrease of 7.5% primarily driven by an unfavorable change in the currency translation rate and lower sales from existing customer programs.

Total gross margin was $311.2 million, a decrease of $36.3 million, or 10.5% due primarily to a decrease in clothing sales at Jos. A. Bank, an $11.0 million inventory write-down associated with the store rationalization program and a $4.8 million write-down of discontinued rental product. As a percent of sales, total gross margin increased 26 basis points to 37.7% of net sales.

Advertising expense increased $2.2 million to $61.4 million. This increase represented a 106 basis point increase in expense.

Selling, general and administrative expenses ("SG&A") decreased $65.1 million to $265.1 million, a 347 basis point decrease primarily due to lower acquisition and integration related costs.

Non-cash goodwill and intangible asset impairment charges were $1,153.3 million and non-cash asset impairment charges were $25.8 million. The goodwill and intangible asset impairment charges included (1) the entire carrying amount of Jos. A. Bank's goodwill, $769.0 million, (2) an additional $335.8 million charge for the Jos. A. Bank tradename, which reduced the remaining value of the tradename to $113.2 million, (3) the entire carrying amount of the Jos. A. Bank customer relationship, $41.5 million and (4) a $7.0 million charge associated with the write-down of favorable leases originally recorded in connection with the Jos. A. Bank acquisition.

Operating loss for the quarter was $1,194.3 million compared to operating loss of $42.0 million last year.

Net interest expense for the fourth quarter was $26.5 million for both 2015 and 2014.

The effective tax rate for the fourth quarter was 13.4% for 2015 and 47.5% for 2014. Due to the loss before tax, the result was a tax benefit in both years.

The net loss for the quarter was $1,057.7 million compared to net loss of $35.9 million last year. The diluted loss per share was $21.86 compared to diluted loss of $0.75 in the prior year quarter.

Operating income decreased $1,150.5 million to a $1,077.3 million loss, representing (30.8%) of net sales compared to 2.3% in the prior year.

Net interest expense was $105.8 million in 2015 and $65.7 million in the prior year. Loss on extinguishment of debt was $12.7 million. The loss was a result of the $400 million partial refinancing of our term loan to a fixed rate of 5.0%.

The effective tax rate for the full year was 14.1% for 2015 and 101.8% for 2014. Due to the loss before tax in 2015, the result was a tax benefit.

Net loss for the full year was $1,026.7 million compared to $0.4 million last year. Diluted loss per share was $21.26 compared to $0.01 in the prior year.

On a stand-alone basis, Jos. A. Bank total retail gross margin decreased 122 basis points from 40.1% to 38.8% primarily due to occupancy and alteration cost deleverage. Retail clothing margin increased 480 basis points from 51.6% to 56.4% due mostly to an increase in the average unit retail.

In our 2014 fourth quarter earnings release, we provided historical baselines of operating results for fiscal year 2014 in order to provide comparable results to fiscal year 2015. These baselines include Jos. A. Bank operations for the 2014 full year and exclude items we believe are not indicative of our core operating results as well as certain items related to the acquisition of Jos. A. Bank. Below is a comparison table and discussion of consolidated FY 2015 adjusted operating results to FY 2014 baseline.

Total gross margin decreased $43.1 million and was flat to last year for basis points. Retail gross margin decreased $36.7 million but increased 4 basis points. Corporate apparel gross margin decreased $6.4 million or 96 basis points.

Total debt at the end of the fourth quarter 2015 was approximately $1.66 billion. The Company did not make any pre-payments on its debt during the quarter. There were no borrowings outstanding on our revolving credit facility at the end of the fourth quarter 2015.

Inventories increased $84.2 million to $1,022.5 million at the end of the fourth quarter 2015 from $938.3 million at the end of the prior year fourth quarter due primarily to increased inventory at Jos. A. Bank due to the lower sales, modest increase in inventory at Men's Wearhouse due to the mix of higher priced product and increased corporate apparel inventory due to the build up of product for a large, new customer rollout occurring in fiscal 2016.

Capital expenditures for the fiscal year 2015 were $115.5 million compared to $96.4 million in the prior year.

CALL AND WEBCAST INFORMATION

At 9:00 a.m. Eastern time on Thursday, March 10, 2016, management will host a conference call and real time webcast to discuss fiscal 2015 fourth quarter and full year results.

To access the conference call, dial 412-902-0030. To access the live webcast presentation, visit the Investor Relations section of the Company's website at http://ir.tailoredbrands.com. A telephonic replay will be available through March 17, 2016 by calling 201-612-7415 and entering the access code of 13630668#, or a webcast archive will be available free on the website for approximately 90 days.

STORE INFORMATION

January 30, 2016

January 31, 2015

Number ofStores

Sq. Ft.

(000's)

Number ofStores

Sq. Ft.

(000's)

Men's Wearhouse (a)

714

4,025.7

698

3,955.7

Jos. A. Bank (b)

625

2,880.7

636

2,922.2

Men's Wearhouse and Tux

160

223.5

210

291.2

The Tuxedo Shop @ Macy's

12

6.5

-

-

K&G (c)

89

2,102.1

91

2,164.4

Moores, Clothing for Men

124

779.8

123

779.0

Total

1,724

10,018.3

1,758

10,112.5

(a)

Includes one Joseph Abboud store in fiscal year 2015.

(b)

Excludes 14 and 15 franchise stores, respectively.

(c)

82 and 83 stores, respectively, offering women's apparel.

Tailored Brands, Inc. is the largest specialty retailer of men's suits and the largest provider of rental product in the U.S. and Canada with over 1,700 stores including tuxedo shops within Macy's. The Company's brands include Men's Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G Fashion Superstores. Tailored Brands also operates a global corporate apparel and workwear group consisting of Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the United Kingdom.

This press release contains forward-looking information. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance and a variety of factors could cause actual results to differ materially from the anticipated or expected results expressed in or suggested by these forward-looking statements. These forward-looking statements may be significantly impacted by various factors, including, but not limited to: actions by governmental entities, domestic and international macro-economic conditions, inflation or deflation, success, or lack thereof, in executing our internal strategic and operating plans including new store and new market expansion plans and cost reduction initiatives, store rationalization plans, profit improvement plans, revenue enhancement strategies, the impact of opening tuxedo shops within Macy's stores, changes in demand for clothing, market trends in the retail business, customer confidence and spending patterns, changes in traffic trends in our stores, customer acceptance of our merchandise strategies, performance issues with key suppliers, disruptions in our supply chain, severe weather, foreign currency fluctuations, government export and import policies, advertising or marketing activities of competitors, and legal proceedings. Future results will also be dependent upon our ability to continue to identify and complete successful expansions and penetrations into existing and new markets and our ability to integrate such expansions with our existing operations.

The forward-looking statements in this press release speak only as of the date hereof. Except for the ongoing obligations of Tailored Brands to disclose material information under the federal securities laws, Tailored Brands undertakes no obligation to revise or update publicly any forward-looking statement, except as required by law. Other factors that may impact the forward-looking statements are described in our latest annual report on Form 10-K and our filings on Form 10-Q.

See Use of Non-GAAP Financial Measures for additional information. Non-GAAP adjusted loss per share is referred to as "adjusted loss per share" and Non-GAAP adjusted EPS is referred to as "adjusted EPS" for simplicity

TAILORED BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS

(Unaudited)

For the Three Months Ended January 30, 2016 and January 31, 2015

(In thousands, except per share data)

Three Months Ended

Variance

% of

% of

Basis

2015

Sales

2014

Sales

Dollar

%

Points

Net sales:

Retail clothing product

$ 668,008

80.91%

$ 767,264

82.65%

$ (99,256)

(12.94%)

(1.74)

Rental services

50,669

6.14%

47,417

5.11%

3,252

6.86%

1.03

Alteration and other services

49,226

5.96%

51,258

5.52%

(2,032)

(3.96%)

0.44

Total retail sales

767,903

93.00%

865,939

93.28%

(98,036)

(11.32%)

(0.27)

Corporate apparel clothing product

57,759

7.00%

62,420

6.72%

(4,661)

(7.47%)

0.27

Total net sales

825,662

100.00%

928,359

100.00%

(102,697)

(11.06%)

0.00

Total cost of sales

514,463

62.31%

580,856

62.57%

(66,393)

(11.43%)

(0.26)

Gross margin (a):

Retail clothing product

358,467

53.66%

390,854

50.94%

(32,387)

(8.29%)

2.72

Rental services

36,809

72.65%

37,522

79.13%

(713)

(1.90%)

(6.49)

Alteration and other services

12,902

26.21%

14,825

28.92%

(1,923)

(12.97%)

(2.71)

Occupancy costs

(113,506)

(14.78%)

(112,926)

(13.04%)

(580)

(0.51%)

(1.74)

Total retail gross margin

294,672

38.37%

330,275

38.14%

(35,603)

(10.78%)

0.23

Corporate apparel clothing product

16,527

28.61%

17,228

27.60%

(701)

(4.07%)

1.01

Total gross margin

311,199

37.69%

347,503

37.43%

(36,304)

(10.45%)

0.26

Advertising expense

61,357

7.43%

59,194

6.38%

2,163

3.65%

1.06

Selling, general and administrative expenses

265,110

32.11%

330,259

35.57%

(65,149)

(19.73%)

(3.47)

Goodwill and intangible asset impairment charges

1,153,254

139.68%

-

0.00%

1,153,254

NM

139.68

Asset impairment charges

25,785

3.12%

-

0.00%

25,785

NM

3.12

Operating loss

(1,194,307)

(144.65%)

(41,950)

(4.52%)

(1,152,357)

NM

(140.13)

Net interest

(26,455)

(3.20%)

(26,522)

(2.86%)

67

(0.25%)

(0.35)

Loss before income taxes

(1,220,762)

(147.85%)

(68,472)

(7.38%)

(1,152,290)

NM

(140.48)

Benefit for income taxes

(163,049)

(19.75%)

(32,550)

(3.51%)

(130,499)

400.92%

(16.24)

Net loss attributable to common shareholders

$(1,057,713)

(128.10%)

$(35,922)

(3.87%)

$(1,021,791)

NM

(124.24)

Net loss per diluted common share allocated to common shareholders

$ (21.86)

$ (0.75)

Weighted-average diluted common shares outstanding:

48,376

48,043

(a) Gross margin percent of sales is calculated as a percentage of related sales.

TAILORED BRANDS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS

(Unaudited)

For the Twelve Months Ended January 30, 2016 and January 31, 2015

(In thousands, except per share data)

Twelve Months Ended

Variance

% of

% of

Basis

2015

Sales

2014

Sales

Dollar

%

Points

Net sales:

Retail clothing product

$2,599,934

74.36%

$2,365,463

72.73%

$ 234,471

9.91%

1.64

Rental services

443,290

12.68%

442,866

13.62%

424

0.10%

(0.94)

Alteration and other services

209,250

5.98%

186,843

5.74%

22,407

11.99%

0.24

Total retail sales

3,252,474

93.03%

2,995,172

92.09%

257,302

8.59%

0.94

Corporate apparel clothing product

243,797

6.97%

257,376

7.91%

(13,579)

(5.28%)

(0.94)

Total net sales

3,496,271

100.00%

3,252,548

100.00%

243,723

7.49%

0.00

Total cost of sales

2,011,848

57.54%

1,893,934

58.23%

117,914

6.23%

(0.69)

Gross margin (a):

Retail clothing product

1,439,611

55.37%

1,266,913

53.56%

172,698

13.63%

1.81

Rental services

366,564

82.69%

357,888

80.81%

8,676

2.42%

1.88

Alteration and other services

63,398

30.30%

52,616

28.16%

10,782

20.49%

2.14

Occupancy costs

(455,486)

(14.00%)

(395,521)

(13.21%)

(59,965)

(15.16%)

(0.80)

Total retail gross margin

1,414,087

43.48%

1,281,896

42.80%

132,191

10.31%

0.68

Corporate apparel clothing product

70,336

28.85%

76,718

29.81%

(6,382)

(8.32%)

(0.96)

Total gross margin

1,484,423

42.46%

1,358,614

41.77%

125,809

9.26%

0.69

Advertising expense

204,985

5.86%

168,266

5.17%

36,719

21.82%

0.69

Selling, general and administrative expenses

1,085,900

31.06%

1,116,836

34.34%

(30,936)

(2.77%)

(3.28)

Goodwill and intangible asset impairment charges

1,243,354

35.56%

-

0.00%

1,243,354

NM

35.56

Asset impairment charges

27,480

0.79%

302

0.01%

27,178

9004.86%

0.78

Operating (loss) income

(1,077,296)

(30.81%)

73,210

2.25%

(1,150,506)

NM

(33.06)

Net interest

(105,790)

(3.03%)

(65,676)

(2.02%)

(40,114)

61.08%

(1.01)

Loss on extinguishment of debt

(12,675)

(0.36%)

(2,158)

(0.07%)

(10,517)

487.35%

(0.30)

(Loss) income before income taxes

(1,195,761)

(34.20%)

5,376

0.17%

(1,201,137)

NM

(34.37)

(Benefit) provision for income taxes

(169,042)

(4.83%)

5,471

0.17%

(174,513)

NM

(5.00)

Net loss including non-controlling interest

(1,026,719)

(29.37%)

(95)

0.00%

(1,026,624)

NM

(29.36)

Net earnings attributable to non-controlling interest

-

0.00%

(292)

(0.01%)

292

NM

0.01

Net loss attributable to common shareholders

$(1,026,719)

(29.37%)

$ (387)

(0.01%)

$(1,026,332)

NM

(29.35)

Net loss per diluted common share allocated to common shareholders

$ (21.26)

$ (0.01)

Weighted-average diluted common shares outstanding:

48,288

47,899

(a) Gross margin percent of sales is calculated as a percentage of related sales.

In addition to providing financial results in accordance with GAAP, we have provided adjusted information for fiscal fourth quarter and twelve months of 2015 and a historical consolidated baseline for fiscal fourth quarter and twelve months of 2014 which includes Jos. A. Bank results. This non-GAAP financial information is provided to enhance the user's overall understanding of the Company's financial performance. Specifically, we believe the adjusted and baseline results provide useful information by excluding items we believe are not indicative of our core operating results as well as certain items related to the acquisition and integration of Jos. A. Bank.

The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to financial information prepared in accordance with GAAP. A reconciliation of this non-GAAP information to our actual results follows and may not sum due to rounded numbers.

GAAP to Adjusted Statements of Earnings Information

GAAP to Non-GAAP Adjusted - Three Months Ended January 30, 2016

GAAP

Acquisition

Purchase

Profit

Goodwill & Intangible

Other (5)

Non-GAAP

Results

& Integration (1)

Acctg Allocation (2)

Improvement(3)

Asset Impairments (4)

Adjusted Results

Net sales

$ 825,662

$ -

$ -

$ -

$ -

$ -

$ 825,662

Total retail gross margin

294,672

542

887

11,009

-

-

307,110

Corporate apparel clothing product

16,527

-

-

-

-

-

16,527

Total gross margin

311,199

542

887

11,009

-

-

323,637

Advertising expense

61,357

-

-

-

-

61,357

Selling, general and administrative expenses

265,110

(2,239)

(2,054)

(1,775)

-

(662)

258,380

Goodwill and intangible asset impairment charges

1,153,254

(5,533)

(1,147,721)

-

-

Asset impairment charges

25,785

-

-

(23,146)

-

(2,639)

-

Operating (loss) income

(1,194,307)

2,781

2,941

41,463

1,147,721

3,301

3,900

Net interest

(26,455)

-

-

-

-

-

(26,455)

Loss on extinguishment of debt

-

-

-

-

-

-

-

(Benefit) provision for income taxes

(163,049)

970

1,026

14,460

137,576

1,151

(7,866)

Net (loss) earnings including non-controlling interest

(1,057,713)

1,811

1,915

27,003

1,010,145

2,150

(14,689)

Net earnings attributable to non-controlling interest

-

-

-

-

-

-

-

Net (loss) earnings attributable to common shareholders

$ (1,057,713)

$ 1,811

$ 1,915

$ 27,003

$ 1,010,145

$ 2,150

$ (14,689)

Net (loss) earnings per diluted common share allocated to common shareholders

$ (21.86)

$ 0.04

$ 0.04

$ 0.56

$ 20.88

$ 0.04

$ (0.30)

(1) Acquisition & integration primarily relates to Jos. A. Bank.

(2) Includes depreciation step up amounts in cost of sales and amortization of intangibles and depreciation step up amounts in SG&A.